A Lender Note…

I get emails from a LOT of people…just like many of you.  However, I try to take from that rash of emails information that might be important to pass along to others.  This is one of those instances:

Effective for all case numbers assigned on or after April 1, 2013 the monthly mortgage insurance premium on FHA 30 year fixed rate loans increased from a factor of 125 basis points to 135 basis points. On a $100,000 purchase with 3.5% down that’s a monthly increase of $7.91. Case numbers are assigned when a property goes into contract. (more…)